Key Highlights
- Western Union is launching a stable card to help users in high-inflation countries protect their money.
- The company also plans to issue its own coin for global remittances.
- Western Union is building a Digital Asset Network (DAN) to connect its digital products and payment services.
Western Union is planning to launch a new “stable card” to help people in countries with high inflation protect their money.
The company’s Chief Financial Officer, Matthew Cagwin, made the announcement at the UBS Global Technology and AI conference, saying that the firm plans to roll out the new card and related products using a combination of its global network, digital tokens, and blockchain technology.
Helping families keep their money safe
Cagwin used Argentina as an example to explain the need for the stable card. He noted that with inflation between 250% and 300% a year, money sent from abroad can quickly lose value.
“Imagine a world where your family in the US is sending you $500 home, but by the time you spend it in the next month, it’s only worth $300,” he said. The new card will be an improvement of Western Union’s prepaid card in the US and will let people keep the value of the money they receive.
Western Union to launch its own coin
Besides the stable card, Western Union also plans to create its own coin. The company thinks its global network in 200 countries gives it an advantage, especially in places where families rely heavily on remittances.
“We think that we can make a market for our coin in those markets. And we wanted to be able to control the economics, control the compliance and control the overall distribution,” Cagwin said.
A key part of the plan is the Digital Asset Network (DAN), which will link Western Union to four on-ramp and off-ramp providers. The platform is expected to launch in the first half of 2025. The company also plans to use the Solana blockchain for its stablecoin system, called USDPT, which is set to launch in the first half of 2026.
Distribution will be done through partner exchanges, and Western Union has filed a trademark for “WUUSD,” hinting at plans for wallets, trading tools, and payment processing.
Western Union’s global reach is expected to give it an advantage in distributing its new digital products. Together, these measures are meant to help people keep the value of their money, speed up transfers, and give Western Union more control over how money moves around the world.
Also Read: Pakistan Moves Toward Launching a Stablecoin
